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House  Bill, 

No. 

37.] 

[Ses. 

1858- 

'9. 

Ordered  to  be  Printed 

Holden  &  Wilson, 

Printers  to  the 

State. 

A  BILL  TO  AMEND  THE  ACT  ENTITLED  "  AN  ACT 
TO  INCORPORATE  THE  WESTERN  NORTH-CAR- 
OLINA RAILROAD  COMPANY,"  AND  "THE  ACT 
AMENDATORY  THEREOF  ENTITLED  "AN  ACT 
TO  AMEND  AN  ACT  ENTITLED  AN  ACT  TO  IN- 
CORPORATE THE  WESTERN  NORTH-CAROLINA 
RAILROAD  COMPANY." 

Sec.  1.  Be  it  enacted  by  the  General  Assembly  of  the 

2  State  of  North- Carolina,  and  it  is  hereby  enacted  by  the 

3  authority  of  thesame,  That  an  act  entitled  "  An  act  to  in- 

4  corporate  the  Western  N.  C.  Railroad  Company,"  passed  at 

5  the  session  of  1854— '55,  and  an  act  amendatory  thereof  pas- 

6  sed  at  the  session  of  1856-'57,  entitled  "An  act  to  amend  an 

7  act  entitled  an  act  to  incorporate  the  Western  N.  Carolina 

8  Railroad  Company,"  be,  and  the  same  are  hereby,  so  alter- 

9  ed  and  amended  as  to  authorize  and  empower  the  board  of 

10  directors  of  said  company  to  open  books  for  subscription 

11  of  stock  by  individuals  and  counties  to  the  capital  stock  of 

12  said  company,  for   an   amount  sufficient  to  complete  the 

13  road  from   Morganton   to   the   French   Broad  river  near 

14  Asheville,  which  amount  shall  be   according  to  the  engi- 

15  neer's  estimate  therefor  with  15  per  cent  added  thereto, 
1  6  and  which  shall  be  called  the  second  division  of  said  road. 

Sec.  2.    Be  it  further  enacted,  That  when  one-third  of 

2  the  sum  necessary  to  complete  said  second  section,  estima- 

-3  ted  by    the  estimates  of  the   engineer  heretofore  made, 
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2  House  Bil£  Xo.  37.  [Session 

4  and  fifteen  per  cent,  over  and  above,  shall  be  subscribed 

5  by  solvent  individuals,    corporations   and  counties  to  the 

6  stock  of  said   company,   the  Board  of  Internal  Improve- 

7  raents  shall  subscribe  on  behalf  of  the  State  the  other  two- 

8  thirds,  which  shall  be  paid  in  the  manner  prescribed  in 

9  said  charter  for  the  payment  of  the  stock  for  the  first  sec- 

10  tion  of  said  road  :  Provided,  however,  that  the  State  shall 

11  not  be  required  to  pay  more  than  fifty  thousand  dollars  of 

12  said  subscription    during  the   year  1859,  nor  more  than 

13  two  hundred  thousand  dollars  during  the  year  1860,  and 

14  for  each  year  thereafter  a  sum   not  exceeding  three  hun- 

15  dred  thousand   dollars,    until   the  grading  of  said  second 

16  section  shall  be  completed. 

Sec.  3.  Be  it  further  enacted,  That  said  second  section 

2  of  said  road  shall  be  let  to  contract,  at  prices  not  exceed- 

3  ing  fifteen  per  cent,   over   and    above  the  estimated  cost 

4  made  by  the   engineer  of  said   company,  and  no  part  of 

5  the  same  shall  be  let  unless   the  whole  can  be  put  under 

6  contract  at  the  same  time. 

Sec.  4.  Be  it  further  enacted,  That  if  the  stock  author- 

2  ized  to  be  subscribed  by  the   first  section,  shall  not  be  ta- 

3  ken  within  six  months  after  the  acceptance  of  this  charter, 

4  then  whenever  the  sum  of  fifty  thousand  dollars,  &c,  as 

5  in  section  2nd  of  original  bill,  shall  have  been  subscribed 

6  by  solvent  persons  or  counties,  and  five  per  centum  thereon 

7  paid  into  the  treasury  of  said  company  in  actual  cash,  and 

8  the  same  certified    on  oath  to  the  Governor  of  the  State 

9  by  the  board  of  directors  of  said  company,  the  Board  of 

10  Internal  Improvements  shall  direct  the  Public  Treasurer  of 

11  the  State  to  subscribe,  for  and  in  behalf  of  the  State,  dou- 

12  ble  the  amount  subscribed  by  individuals  and  counties; 

13  and  as  soon  as  said   subscription    on   the  part  of  the  State 

14  shall  have  been  made,  the  board  of  directors  of  said  com- 

15  pany  may  put   under  contract   so  much    and  nomoieof 
15  said  ro;td,  as  can  be  constructed,  equipped  and  put  in  full 

17  operation  with  the   amount  so  subscribed  by  individuals, 

18  counties  and  the  State  ;  and  the  said    portion  of  the  road 

19  so  put  under  contract  shall  commence  at  Morganton,  the 


1858-'9.]  House  Bill  No.  37.  3 

20  terminus  of  the  first  section  of  said  road,  and  extend  west 

21  in  the  direction  of  Asheville,  and  shall  he  so  let  out  as  that 

22  each  successive  contract  going  west  must  commence  where 

23  the  preceding  one  ended,  so  that  there  may  be  no  gaps  or 

24  unlet  portions  of  said  road  between  the  contracts. 

Sec.  5.  Be  it  further  enacted,  That  in  case  the  subscrip- 

2  tion  heretofore  made  to  the  stock  of  said  company  by  the 

3  county  of  Burke  shall  be  declared  void  by  the  judicial  au- 

4  thorities   of  the   State,    a   new   subscription    to  the  same 
4  amount  to  take  its  place  shall  be  raised  and  secured,  and 

6  the  required   instalments   thereon   paid,   before  the  State 

7  shall  be  called  on  to  make   further  subscriptions  or  pay- 

8  ments. 

Sec.  6.  Be  it  further  enacted,  That  the  board  of  direc- 

2  tors  of  said  company  may  keep  books  for  subscription  of 

3  stock  continually  open  for  the  purpose  of  expediting  the 

4  building  and  progress  of  said  road, and  whenever  solvent  per- 

5  sons  or  counties  shall  subscribe  fifty  thousand  dollars  or  up- 

6  wards,  and  pay  into  the  treasury  of  said  company  five  per 

7  centum  thereon,  in  the  manner  designated  in  the  preceding 

8  section  of  this  act,  then  the  Treasurer  of  the  State,  under  the 

9  direction  of  the  board  of  internal  improvements,  shall  sub- 

10  scribe  for  and  in  behalf  of  the  State  an  amount  double  that 

11  subscribed   by  individuals  and  counties,  and  the  board  of 

12  directors  may  again  let  out  contracts  on  said  road  iu  the 

13  same  manner  and  under  the  same  rules,  regulations  and  re- 

14  strictipns  as  are  provided  and  designated  in  the  preceding 

15  section  of  this  act,  and  so  to  contiuue,  from  time  to  time, 

16  as  often  as  fifty  thousand  dollars  or  upwards  are  subscribed 

17  as  hereinbefore  provided,  until  the  whole  sum  of  four  mil- 

18  lions  of  dollars,  heretofore  pledged   on    the  part   of  the 

19  State,  shall  have  been  subscribed  and  expended. 

Sec.  7.  Be  it  further  enacted,  That  if  there  shall  be  an 

2  unexpended  balance  of  the  amount  pledged  by  the  State 

3  after  said  road  is  put  under  contract  and  a  sufficient  amount 

4  reserved  to  equip  the  same  to  its  present  terminus  on  the 

5  French  Broad  river,  then  it  shall  be  lawful  for  the  board 

6  of  directors  of  said  company,  upon  further   subscriptions 


4  Hhuse  Bill  No.  37.  [Session 

7  being  made  by  individuals  or  counties  as  hereinbefore  pre- 

8  scribed,  to  again  let  out  contracts  on  said  road  in  the  man- 

9  ner  hereinbefore  designated,  to  the  line   of  the  State   of 

10  Tennessee,  in  the  direction  of  Chatanooga,  or  down   the 

11  French  Broad  river  in  the  direction  of  Paint  Rock,  as  to 

12  said  board  of  directors  may  seem  best :  Provided,  however, 

13  That  no  greater  portion  of  said  road  shall  be  put  to   con- 

14  tract  than  can  be  constructed,  equipped  and  put  in  full 

15  operation  with  the  amount  of  the    unexpended   balance 

16  already  pledged  by  the  State,  and  the  amount  subscribed 

17  by  individuals  and  counties  in  pursuance  of  this  act. 

Sec.  8.  Be  it  further  enacted,  That  the  payments  of 

2  the  instalments  due  from  the  State  on  subscriptions  made 

3  under  and  by  virtue  of  this  act,  shall  be  made  in  the  man- 

4  nor  and  upon  the  terms  now  prescribed  in  the  charter   of 

5  said  company. 

Sec.  9.  Be  it  further  enacted,  That  so  soon  as  the  fore- 

2  going  amendments  shall  be  accepted  by  the   individual 

3  stockholders  of  said  company,  in  general   meeting  assem- 

4  bled  to  consider  the  same,  such  clauses  in   the   charter  of 

5  said  company  as  are  in  conflict  with  this  act  are  hereby 

6  repealed  and  declared  void. 

Sec.  10.  Be  it  further  enacted,  That  if  said  company  shall 

2  accept  the  foregoing  amendments  of  their  charter,  said. 

3  acceptance  shall  be  certified  to  the  board  of  internal  im- 

4  provements  under  the  seal  of  the  company,  signed  by  the 

5  president  and  countersigned  by  the  secretary. 

Sec.  11.  Be  it  further  enacted,  That  a  general  meet- 

2  ing  of  the  stockholders  of  said  company  may  be  held,  to 

3  consider  the  foregoing  amendments  immediately  after  the 

4  ratification  of  this  act,  and  the  same  shall  be  in  force  from 

5  and  after  its  acceptance  by  the  individual  stockholders  in 

6  said  general  meeting  assembled  ;  Provided,  That  if  for 

7  any  cause  the  said  company  should  be  unable  to  avail 

8  themselves  of  the  provisions  of  this  act,  then,  and  in  that 

9  case,  they  may  proceed  under  their  charter  as  heretofore 

10  adopted,  and  be  remitted  to  and  enjoy  all  the  rights  and 

11  privileges  of  the  same. 


1858-'9.]  House  Bill  No.  37.  5 

Sec.  12.  ]>e  it  further  enacted,  That  all  the  certificates 

2  required  to  l>e  made  by  the  president    and  treasurer  that 

3  one-third  of  the  estimated  cost  required  to  complete   any 

4  section  has  been   subscribed    by  solvent  individuals  and 

5  corporation ;.  and  five  per  cent,  paid  thereon  in  cash,  shall 

6  be  made  under  oath,  and  the  board  of  internal   improve- 

7  ments  may  and  shall,  if  they  have  any  doubt,  before  they 

8  direct  the  public  treasurer  to  subscribe  to  the  capital  stock 

9  of  said  company,  ascertain  that  the  subscriptions  made  by 

10  individuals    and    corporations    are    legally    binding  upon 

11  them  ;  that  the  persons  and  corporations  making  the  same 

12  are  solvent  ;  and  that  the  cash  payments  have  been  bona 

13  fide  made ;  and  to  enable  them  to  do  so,  shall  have  power 

14  to  examine  witnesses  on  oath. 


Digitized  by  the  Internet  Archive 

in  2012  with  funding  from 

University  of  North  Carolina  at  Chapel  Hil 


http://www.archive.org/details/billtoamendactenactweste 


Photomount 

Pamphlet 

Binder 

Gay  lord  Bros. 

Makers 

Syracuse,  N.  Y. 

PAT.  JAM  21,1908 


UNIVERSITY  OF  N.C.  AT  CHAPEL  HILL 


00042071462 


FOR  USE  ONLY  IN 
THE  NORTH  CAROLINA  COLLECTION 


Form  No.  A-368,  Rev.  8/95 


...■■■•■,  ...,'..-.  •.-,■-' 


